He also played as AC/DC's bass guitarist for a short stint, early in their career.

Malcolm and Angus have released a statement saying that AC/DC would not exist without George's "help and guidance" and that they will remember their brother "with gratitude and hold him close to our hearts".

The statemenmt continues:

"As a musician, songwriter, producer, advisor and much, much more, you could not ask for a more dedicated and professional man. You could not ask for a finer brother."

George was born in 1946 in Scotland, but the Young family moved to Australia when he was a teenager. He first shot to fame in the 1960s as the guitarist for the Easybeats, a Sydney-based rock band he formed with Dutch-born Harry Vanda.

The band's most famous hit, 'Friday On My Mind', shot to number one in Australia in 1966, and Young and Vanda also wrote 'Love Is In the Air', a 1978 hit for John Paul Young, Flash And The Pans 'Waiting For A Train', and many, many others.

Both Young and Harry were inducted into the ARIA Hall of Fame in 1988, and Easybeats was later inducted in 2005.

After the band broke up in the 1970s, he went on to co-produce numerous AC/DC albums including 'TNT', 'Dirty Deeds Done Cheap', 'Powerage', 'High Voltage' and 'Let There Be Rock'.

The Easybeats

The music publishing and recording house Alberts, which had both the Easybeats and AC/DC in its stable, first reported George's passing.

"It is with great sadness that Alberts acknowledge the passing of George Young," they said.

"A consummate songwriter, trailblazing producer, artist, mentor and extraordinary musician, George was above all else a gentleman who was unfailingly modest, charming, intelligent and loyal; a man with a wonderful sense of humour.

"George was a pioneer who, with close friends Harry Vanda and Ted Albert, created a new sound for the Australian music industry."